A Hammers insider says West Ham money man Daniel Kretinsky is paying the price for his aggressive approach in business.
As we near the one-year anniversary since Kretinsky became West Ham’s second biggest stakeholder, The Times newspaper has made a very worrying claim about the “Czech Sphinx”.
Kretinsky paid a reported £150m for 27 per cent of West Ham last November and it was predicted his arrival would allow the Hammers to go bigger and better than before in the transfer market.
That was certainly the case during an unprecedented summer which saw West Ham spend £170m on eight quality signings.
West Ham’s billionaire co-owner, who has big stakes in the likes of Royal Mail and Sainsbury’s, has made a fortune snapping up unloved assets.
As reported by Hammers News earlier this month, Kretinsky recently launched a series of big money French media moves after buying a £37m castle near Paris.
But The Times made a very worrying claim about West Ham co-owner Kretinsky in a new report at the weekend, as we reported on earlier.
Kretinsky’s British power plants empire has been plunged into turmoil as the spike in wholesale gas prices triggers painful cash calls, claims The Times’ Jamie Nimmo.
The Times reports that Kretinsky’s EP UK Investments has confirmed its debts due to be repaid within 12 months have surged to £2.3 billion in the last year.
Sean Whetstone has been assessing the news regarding Kretinsky on 6foot2.
And the Hammers insider says West Ham money man Kretinsky is paying the price for his aggressive approach.
“Last week we covered a story by the Irish Times about how his company was profiting in Ireland from the energy crisis, but it now appears his aggressive expansion comes at a cost of borrowing big…” Whetstone told 6foot2.
“Kretinsky has amassed a string of power assets in the UK.
“They include gas-fired stations Langage in Plymouth and South Humber Bank in Lincolnshire.The Czech billionaire owns 27% of West Ham of which he is reported to have paid £150m last year.”
Football finances are a drop in the ocean compared to the levels of debt documented in the report.
There is nothing to suggest West Ham would be negatively impacted as a direct result of Kretinsky’s current business ‘turmoil’.
But there will obviously be concerns that long-term damage to Kretinsky’s wealth could have a domino effect unless the landscape dramatically improves.
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